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3 Cards in this Set
- Front
- Back
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Distinguish between structural and demand-deficient unemployment |
Structural unemployment: declining industry Demand-deficient unemployment: recessionary |
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Using an appropriate diagram, explain how a recession might lead to more poverty |
Poverty: Condition where people's basic needs for food, clothing, and shelter are not being met. Diagram: AD/AS or Lorenz curve Explanation: Recession results in lower incomes, higher unemployment Example: USA recession resulted in unemployment. Highest number of people under the poverty line 15% |
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Evaluate the view that attempts to achieve greater equity in the distribution of income will reduce economic efficiency |
Equity: A fair distribution of a country's resources. A subjective concept that usually involves the government providing public goods and welfare Economic efficiency: |
